Ross, who became a billionaire by turning around distressed steel and textile businesses, is in talks to buy New York-based Ambac, the Evening Standard reported, citing people it didn't name. A deal may come within the next two weeks, the newspaper reported on its Web site.

Ross is ``looking at'' bond insurers, which have tumbled after posting record losses on subprime mortgage securities, he said in a Bloomberg Television interview this week. Ambac's stock market value has slumped more than $8 billion in the past year and Fitch Ratings last week stripped the insurer of the AAA credit rating it depends on to guarantee $556 billion of debt.”

More fuel for the bounce. Ambac (ABK) is up 10% pre-market. The broader equity futures like it as well and were already bid on the Microsoft (MSFT) earnings beat.

The monocline insurers need to be recapitalized. Anything less will just delay an inevitable disaster.

Ross may instead start his own insurer. This is not nearly the same thing.

“Ross may start a new bond insurer, the Financial Times reported on its Web site today. Fort Worth, Texas-based TPG Inc., the U.S. buyout fund formerly known as Texas Pacific Group, also may start a guarantor, following billionaire investor Warren Buffett, who set up a company last month.”

Starting an insurer would doom these ones to failure. For Ross, the smart thing would be to start from scratch and buy the best insurance off the troubled monolines. From a more macro perspective, that would leave Ambac and MBIA with the worst of the toxic sludge and guarantee their implosion. But such is life and such is capitalism.

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Disclaimer

The Financial Ninja is a collection of my thoughts and opinions about current economic and market conditions. These are not buy and sell recommendations. Use your head and do your own research. This is a forum to stimulate discussion and debate.

About Me

I started trading during the tech bubble when I was still in high school. My trading has financed my education and I have since completed a BA in Economics and an MBA with a concentration in Finance. I have worked as both a proprietary equity and fixed income derivatives trader.